Hotchkis and Wiley Mid-Cap Value Fund

The Hotchkis and Wiley Mid-Cap Value Fund seeks capital appreciation using a disciplined, value-oriented investment process. Through our consistent process and independent research, we own mid-size companies that we believe are undervalued relative to their tangible assets, have sustainable cash flow and potential for improving business performance. The Fund is well diversified and seeks to own mid-size U.S. based companies that offer the best combination of value and potential for price appreciation. The Fund typically holds 50-100 securities and generally invests in mid-size companies with a market capitalization ranging from $500 million to $15 billion.

Employs timeless investing principles and independent thinking to drive investment process
Exploits excessive investor reaction often exhibited in the stocks of mid-size companies
Capitalizes on the enhanced liquidity and minimal analyst coverage of mid-size companies
Portfolio Management Team

GEORGE H. DAVIS, Jr.
CEO and Portfolio Manager

STAN MAJCHER, CFA
Portfolio Manager

JIM MILES
Portfolio Manager
     
     

Mr. Davis and Mr. Majcher coordinate the day-to-day management of the Mid-Cap Value Fund portfolio. Mr. Miles participates in the investment research review and decision-making process and represents the Mid-Cap Value Fund to current and prospective shareholders.

Investment ideas for each Fund are generated by the investment team. The above list does not include all members of the investment team.


Investing in medium-sized companies involves greater risks than those associated with investing in large company stocks, such as business risk, significant stock price fluctuations and illiquidity.

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

You should consider the Fund’s investment objectives, risks, and charges and expenses carefully before you invest. This and other important information is contained in the Fund’s summary prospectus and prospectus, which can be obtained by calling 1.800.796.5606. You may also print this information from the Download Center under "Fund Literature". Read carefully before you invest.

The Hotchkis and Wiley Funds are available only to residents in the United States and its territories

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
The Hotchkis and Wiley Funds are distributed by Quasar Distributors, LLC